STOCKHOLM, Sweden, Jan. 29, 2003 (PRIMEZONE) -- Framfab AB (publ) (Stockholm:FRAM):
-- Framfab's operating earnings rose with SEK 29.8 million, compared
with the third quarter, and were SEK -3.6 million (2,8) for the
fourth quarter. Net revenue increased by 15% to SEK 78.4 million
(133.9) from the third to the fourth quarter.
-- Framfab's 2002 action program, will lead to savings of SEK 40 million
for 2003.
-- Cash flow for the fourth quarter was SEK -13.9 million (-10.8), of
which SEK -8.2 million was attributable to restructuring costs.
Liquid funds amounted to SEK 49.5 million at the end of the year.
-- Framfab France, with 26 employees, filed for judicial reorganization
in November. The business was discontinued in January 2003. The
French company affected 2002 earnings by SEK -15.4 million and cash
flow by SEK -15.3 million.
-- While all of Framfab's large clients demonstrated continued confidence
in us during the fourth quarter, new clients such as Carlsberg
Breweries, Radisson SAS and one of Europe's largest insurance
companies came onboard.
-- During the year, Framfab won a series of international awards for its
collaboration with clients such as Nike, AstraZeneca and Volvo Trucks.
The Cyber Lions Awards jury called nikefootball.com "the best thing
that happened on the web last year."
-- The board of directors will propose to the annual general meeting that
shares totaling SEK 11 million be issued to pay off the last
outstanding additional purchase sum. The additional purchase sum,
which is for the acquisition of the NetlinQ group made in 2000, has
been expensed in previous years.
www.waymaker.se or www.framfab.com
Framfab is a leading provider of consulting services and business solutions based on Internet technology. Most of Framfab's customers are big international companies, including 3M, AXA, the Coca-Cola Company, Danske Bank, Electrolux, Ericsson, Hydro Texaco, IKEA, Kellogg's, Maersk Sealand, NEC Packard-Bell, Nike, Observer, Postbank, Quelle Versicherungen, SAAB, Volvo Car Corporation, Volvo Group and UBS. Framfab operates in Denmark, Germany, the Netherlands and Sweden. The company is quoted on the O-list of the Stockholm Stock Exchange (ticker symbol FRAM). For more information, please visit www.framfab.com.
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www.waymaker.net/bitonline/2003/01/29/20030129BIT00090/wkr0001.pdf The full Year-end report